You know the awkward situation: You're at a restaurant with a group of friends, the bill is divided and everyone is digging out credit cards and shuffling cash to pay the host. Now you can forget having to seek out an ATM or rack up more interest charges on a credit card.

Just send your friend an email with the money you owe.

Debit card users can now send money to another person using a simple email transaction. Square, the creators of an already popular smartphone credit card reader, announced the new service on Tuesday. It's called Square Cash.

The service is free to send and free to receive payments and does not require a sign-up process.

Users simply fill out the email with the recipient's email address, a CC to and a subject line with the dollar amount.

Customers will receive an email prompting them to link their debit cards to send and receive funds after the first transactions.

The example provided in Square's press release shows the simplicity:

To: [email address]
Subject: $ [amount]

That's it.

Square's website states that the information transferred during the email process remains secure and encrypted on their servers. Transactions usually take 1 to 2 days.

To assist with making the process even easier, Square has released a smartphone app (iOS and Android) that assists you in creating the transfer email.


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